According to the U.S. Census Bureau of the Department of Commerce, total construction spending for May 2016 was estimated at a seasonally adjusted annual rate of $1,143.3 billion. This rate is a decrease of 0.8 percent from the revised April estimate of $1,152.4 billion. Compared to a year ago, the May rate is up 2.8 percent from that of the May 2015 rate, which was estimated at $1,112.2 billion. So far this year, construction spending has totaled $438.5 billion, an increase of 8.2 percent compared to the $405.4 billion for the first five months of 2015.
Private construction spending in May was estimated at a seasonally adjusted annual rate of $859.3 billion, a decrease of 0.3 percent from April’s revised estimate of $861.9 billion. Residential construction spending for May was at a seasonally adjusted annual rate of $451.9 billion, remaining nearly the same as the previous month’s revised estimate of $451.7 billion. Nonresidential construction spending for May was estimated at $407.4 billion, down 0.7 percent from April’s revised estimate of $410.1 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $284.0 billion, down 2.3 percent from April’s revised estimate of $290.5 billion. Educational construction spending for May was at an adjusted rate of $66.8 billion, down 5.4 percent from the revised April estimate of $70.6 billion. Highway construction spending was estimated at an adjusted rate of $88.9 billion for May, decreasing by 0.2 percent from April’s revised estimate of $89.1 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
